Creating a Budget

[relief13035]

Yeah, using excel is the cheapest and if you know how to program or get to know excel, you can create a pretty sophisticated budget form yourself. Otherwise, try downloading FREE templates from MS: http://office.microsoft.com/en-us/te...172321033.aspx

That's a great template for budgeting - Thanks for sharing! Saved me a lot of time making an excel spreadsheet.

This forum is awesome - everyone sharing great ideas and ways of making it past this bankruptcy.

[Never_Again]

How do you guys keep track of everything? Say you go to WM. You buy clothes, food, cleaners etc. Do you add the items up for each grouping?
Do you stick to the amount you have for each thing like clothes and food?

Momof3...

I use my debit card, and put the receipt in my wallet for entry later. I track everything that you mentioned separately. You don't have to if you don't want to.

I try to separate items on one receipt, by grouping things together on the receipt (cleaners at the end, clothes at the front, etc.) If you wanted to, you could ask for a separate transaction for each category.

And yes, I do stick to the amounts.

[creditcruncher]

An excel spreadsheet is pretty handy I should say. With it you can create how you want your budget to be in trance. You just have to do some real good formatting of formulas but once done, it should be a sure way to go.

Yes, there are also some options online but I find myself drained learning and getting acquainted to it.

Best I like is manual.

[Riley]

I found this on another thread... It seems like it is everything that I want and need.

http://www.mvelopes.com/

Click on the quick tour... that give a very good explaination and shows examples.

[Phillymanhere]

Hey, this is not so much a technical point as a sort of practical point about budgeting. One, you wanna write down everything for a month or so ... don't leave out the $2 you spent in scissors or $10 for parking. Write it all down.

The other thing is to try to spend some money on activities that REALLY bring your pleasure. I've definitely gotten into trouble before when I pretended I could live for many months without going to a movie or doing something fun. You also want to invest in things like clothes. In my case, I mainly shop at thriftstores, but I spend about $20 to $30 every month on clothes. Doesn't sound like a lot, but for me to steadily do this has really improved my wardrobe over time. This in turn has cut down on that sense of deprivation that leads to spending binges, shame, etc.

Looking like a bum isn't a good way for me to save money. But in my case, the way to solve that is thrift stores, and I've found several really good ones. It's sort of therapy now for me to hit the thrift store. My indulgent self is satisfied at a very low cost. Thrift stores may or may not work for you, but the point is you need to be aware of those deprivation "triggers" that lead to spending we cannot afford. This is different for everyone.

[pigpen75]

Hey, this is not so much a technical point as a sort of practical point about budgeting. One, you wanna write down everything for a month or so ... don't leave out the $2 you spent in scissors or $10 for parking. Write it all down.

The other thing is to try to spend some money on activities that REALLY bring your pleasure. I've definitely gotten into trouble before when I pretended I could live for many months without going to a movie or doing something fun. You also want to invest in things like clothes. In my case, I mainly shop at thriftstores, but I spend about $20 to $30 every month on clothes. Doesn't sound like a lot, but for me to steadily do this has really improved my wardrobe over time. This in turn has cut down on that sense of deprivation that leads to spending binges, shame, etc.

Looking like a bum isn't a good way for me to save money. But in my case, the way to solve that is thrift stores, and I've found several really good ones. It's sort of therapy now for me to hit the thrift store. My indulgent self is satisfied at a very low cost. Thrift stores may or may not work for you, but the point is you need to be aware of those deprivation "triggers" that lead to spending we cannot afford. This is different for everyone.

Some great ideas, Thanks

[Never_Again]

Good point! You definitely have to budget for fun. We have an entertainment account, as well as an eating out account.

What is nice, is, as I add money to these accounts, and when it is time to spend it, I am able to do so without guilt. In other words, If we eat out in a restaurant, we know that the money has already been planned, and spent on paper, and it is not being taken from something else. Do we eat out less... yes! However, it is much more enjoyable when we do, knowing this.

Christmas was a pleasure this year, spending money that had already been spent on paper.

A budget is not bondage... it is freedom!

[Phillymanhere]

Never,

I totally know what you mean about setting aside money for fun spending. In a former life, I lived within a budget and yes, I felt that same exhilaration that you felt.

There is nothing cooler than going out to dinner or whatever knowing you have planned for it and set aside money for it. It can be a strange feeling if you're used to always averting your eyes and going into denial in order to spend money you can't afford. When I realized the guilt wasn't there, I felt a tremendous sense of relief and power even.

It was from this experience that I got a sense that one thing that leads to reckless spending is all the guilt you have for spending on fun things--even when you're spending a reasonable amount on fun things. The thing is you don't know what's reasonable until you sit down and develop a plan. By the way I use the words "spending plan" instead of budget. Somehow it sounds better, more comfortable, less harsh.

[Never_Again]

I have used "spending plan" myself. "Financial Growth Plan" is another good one.

I am also including in my Excel sheet general goals (financial and non-financial) for the year. I am going to track progress towards all of them there. I will also be making longer term goals to track as well.

I guess it is moving from a "spending plan" to a "life plan!"

You do get what you plan for!

[Riley]

FREE BUDGET/ MONEY MANAGEMENT PROGRAM!!! This one seems pretty good because it links to your accounts and automatically updates. Found info on Yahoo! Money website so I would think it is secure. They also have user blog so that people give tips etc like on here.

take a look www.mint.com

[pigpen75]

FREE BUDGET/ MONEY MANAGEMENT PROGRAM!!! This one seems pretty good because it links to your accounts and automatically updates. Found info on Yahoo! Money website so I would think it is secure. They also have user blog so that people give tips etc like on here.

take a look www.mint.com

This is a pretty cool site. It allows me to host my budget online so I can update it anywhere. It also works well with my iphone. Thanks

[Riley]

PigPen
Take a look at my other post I just started as well. There are a couple of others.

http://www.bkforum.com/showthread.php?t=33190

[Mi Bankruptcy]

I used to use MSMoney. This is good for seeing your money is spent. I would download electronic statements from my bank. It takes some work on the front end. Meaning you assign everything by category. So, if you download 3 months worth of your statements from your bank and assign the categories the software will automatically assign the categories based on your previous statements. This is good for analyzing where you previously spend/spent your money and then classifying and making a budget you can stick to. I was surprised at the amount of money I would take out of ATM withdrawls.. then wondered.. was that all spent on fast food and coffee.. and the like. I used my debit at regular gas stations so it was easy to see exactly how much I was spending on fuel( used the same 3 gas stations)

MSmoney also allows you to do a lot of "what ifs"

[ltrain823]

try www.budgettracker.com its a great online tool that i have been using for a couple months now and it is very safe becasue it does not require any account numbers at all. good luck, it really works!!!